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Lincoln Educational Services Corporation, together with its subsidiaries, provides various career-oriented postsecondary education services to high school graduates and working adults in the United States. It operates in two segments, Campus Operations and Transitional. The company offers associate's degree, and diploma and certificate programs in automotive technology; skilled trades programs, including electrical, heating and air conditioning repair, welding, computerized numerical control, and electrical and electronic systems technology; and health science and information technology programs. It operates schools under the Lincoln Technical Institute, Lincoln College of Technology, and Nashville Auto Diesel College brands. Lincoln Educational Services Corporation was founded in 1946 and is headquartered in Parsippany, New Jersey.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $518M | $49M | $20M | $-27M | 10.0% | 17.8% | 102.2% |
| 2024 | $440M | $29M | $10M | $-28M | 5.5% | 16.4% | -62.0% |
| 2023 | $378M | $43M | $26M | $-15M | 15.6% | 8.6% | 105.8% |
| 2022 | $348M | $23M | $13M | $-8M | 8.7% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 348.29 | 378.07 | 440.06 | 518.24 |
| Cost Of Revenue | 148.75 | 162.28 | 181.76 | 205.39 |
| Gross Profit | 199.54 | 215.79 | 258.31 | 312.85 |
| Operating Expense | 182.39 | 209.13 | 243.80 | 283.87 |
| Operating Income | 17.15 | 6.66 | 14.50 | 28.98 |
| EBITDA | 22.96 | 42.58 | 28.61 | 48.67 |
| EBIT | 16.60 | 35.99 | 17.28 | 29.51 |
| Pretax Income | 16.44 | 35.64 | 14.71 | 26.12 |
| Tax Provision | 3.80 | 9.64 | 4.82 | 6.12 |
| Net Income | 12.63 | 26 | 9.89 | 20 |
| Net Income Common Stockholders | 9.21 | 26 | 9.89 | 20 |
| Total Expenses | 331.14 | 371.41 | 425.56 | 489.26 |
| Interest Expense | 0.16 | 0.35 | 2.56 | 3.39 |
| Interest Income | 0.32 | 2.63 | 2.10 | 0.13 |
| Selling General And Administration | 182.39 | 209.13 | 243.80 | 282.95 |
| Normalized EBITDA | 23.83 | 15.88 | 27.93 | 48.27 |
| Normalized Income | 13.30 | 6.52 | 9.44 | 19.69 |
| Basic EPS | 0.36 | 0.86 | 0.32 | 0.65 |
| Diluted EPS | 0.36 | 0.85 | 0.32 | 0.64 |
| Tax Effect Of Unusual Items | -0.20 | 7.22 | 0.22 | 0.10 |
| Tax Rate For Calcs | 0.23 | 0.27 | 0.33 | 0.23 |
| Total Unusual Items | -0.87 | 26.70 | 0.68 | 0.41 |
| Total Unusual Items Excluding Goodwill | -0.87 | 26.70 | 0.68 | 0.41 |
| Net Income From Continuing Operation Net Minority Interest | 12.63 | 26 | 9.89 | 20 |
| Reconciled Depreciation | 6.36 | 6.60 | 11.33 | 19.16 |
| Reconciled Cost Of Revenue | 148.75 | 162.28 | 181.76 | 205.39 |
| Net Interest Income | 0.16 | 2.28 | -0.47 | -3.27 |
| Net Income From Continuing And Discontinued Operation | 12.63 | 26 | 9.89 | 20 |
| Total Operating Income As Reported | 16.28 | 33.36 | 15.18 | 30.31 |
| Diluted Average Shares | 25.88 | 30.54 | 30.89 | 31.26 |
| Basic Average Shares | 25.88 | 30.11 | 30.58 | 30.94 |
| Diluted NI Availto Com Stockholders | 9.21 | 26 | 9.89 | 20 |
| Otherunder Preferred Stock Dividend | 2.31 | 0 | 0 | 0 |
| Preferred Stock Dividends | 1.11 | 0 | 0 | 0 |
| Net Income Including Noncontrolling Interests | 12.63 | 26 | 9.89 | 20 |
| Net Income Continuous Operations | 12.63 | 26 | 9.89 | 20 |
| Other Income Expense | -0.87 | 26.70 | 0.68 | 0.41 |
| Special Income Charges | -0.87 | 26.70 | 0.68 | 0.41 |
| Gain On Sale Of Ppe | 0.18 | 30.92 | -2.12 | 0.41 |
| Other Special Charges | 0 | 0 | -2.79 | 0 |
| Impairment Of Capital Assets | 1.05 | 4.22 | 0 | 0 |
| Net Non Operating Interest Income Expense | 0.16 | 2.28 | -0.47 | -3.27 |
| Interest Expense Non Operating | 0.16 | 0.35 | 2.56 | 3.39 |
| Interest Income Non Operating | 0.32 | 2.63 | 2.10 | 0.13 |
| Other Taxes | 0 | 0 | 0 | 0.93 |
| Operating Revenue | 348.29 | 378.07 | 440.06 | 518.24 |
Consumer Defensive sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Lincoln Educational Services Corporationthis co. | LINC | $1.3B | 63.05↑ premium | 6.39 | 10.0% | 29.34 |
| Turning Point Brands, Inc. | TPB | $1.5B | 24.82 | 4.17 | 15.6% | 14.86 |
| Dole plc | DOLE | $1.4B | 14.69 | 1.04 | 3.4% | 7.65 |
| The Simply Good Foods Company | SMPL | $1.3B | 11.94 | 0.68 | 5.7% | 7.70 |
| Universal Corporation |
| UVV |
| $1.3B |
| 14.07 |
| 0.92 |
| 6.5% |
| 7.43 |
| Edgewell Personal Care Company | EPC | $1.1B | 43.06 | 0.70 | 1.6% | 12.29 |
| American Public Education, Inc. | APEI | $1.1B | 41.13 | 3.54 | 10.7% | 14.96 |
| Coursera, Inc. | COUR | $1.0B | - | 1.63 | -8.0% | -3.74 |
| Phoenix Education Partners, Inc. | PXED | $979M | 10.05 | 3.48 | 55.8% | 4.56 |
| Peer Median | - | 14.69 | 1.33 | 6.1% | 7.67 | |